ATLANTA, Dec. 12, 2011 /PRNewswire/ -- Gray Television,
Inc. ("Gray," "we," "us" or "our")
(NYSE: GTN and GTN.A) announced that on December 9, 2011 it completed the repurchase of
an additional 68.73 shares of its Series D perpetual preferred
stock in a series of private transactions. These shares were
repurchased at their liquidation value of $100,000 per share, plus accrued dividends of
$3.6 million. The total cost of
this transaction of $10.4 million was
funded from a combination of cash balances on hand and borrowings
under our revolving credit facility. After giving effect to
this transaction, 259.22 shares of our Series D perpetual preferred
stock remain outstanding.
Gray Television, Inc.
Gray Television, Inc. is a television broadcast company
headquartered in Atlanta,
GA. Gray currently operates
36 television stations serving 30 markets. We broadcast a
primary channel from each of our stations and also operate at least
one digital second channel from the majority of our stations. Each
of our primary channels are affiliated with either CBS (17
channels), NBC (10 channels), ABC (8 channels) or FOX (1
channel). In addition, we currently operate 40 digital second
channels that are affiliated with either ABC (1 channel), FOX (4
channels), CW (8 channels), MyNetworkTV (18 channels), Universal
Sports Network (1 channels) and The Country Network (1 channel) or
are operated as local news/weather channels (7 channels).
Web site: www.gray.tv
SOURCE Gray Television, Inc.